News Broadcasting
MPA, USIBC oppose ‘must carry’ Trai provision
MUMBAI: While lauding its efforts to migrate to a digital era, affluent industry bodies like the Motion Picture Association of America (MPA) and US-India Business Council (USIBC) have come down heavily against Trai’s proposed move to mandate must-provide of TV content.
MPA is strongly opposed to any `must carry provisions and believes that they will only act to hamper the necessary investment required to digitalize networks,the powerful bodies of Hollywood studios and media coMPAnies has said in a submission.
The two organizations, while making submissions to a consultation paper on `Digitisation of Cable TV Networks, have also made a strong pitch for raising foreign investment caps in cable networks to 74 per cent and easier licensing regime for a digital era.
Concurring with MPA, the Delhi-based USIBC, through its media cell, has exhorted Trai not to push ahead with the must-provide clause, which has been repeatedly referred to as must-carry in the submissions.
Do not implement a must-carry provision for digital cable networks. We strongly disagree with the concept of requiring broadcasters to offer their content to every cable network operator, whether digital or not. This distorts the operation of the market, putting the negotiating strength in the hands of the network operator,USIBC has said.
The must-provide clause or making available all content on a
non-discriminatory basis to all types of platforms has kicked up dust in India with most foreign pay broadcasters opposing the regulators move, which still needs to be notified in the Official Gazette to come into effect.
As of now, broadcasters such as Star and Sony do not offer their content to the DTH platform of Dish TV, 20 per cent owned by Zee Telefilms.
The lobbying importance of MPA and USIBC could be gauged from the members of the two organizations. MPA member companies include Buena Vista International Inc, Columbia TriStar Film Distributors International Inc, Metro-Goldwyn-Mayer Studios Inc, (both these two part of Sony group, which has a large presence in India), Warner Bros. International Theatrical Distribution Inc and 20th Century Fox that is part of Stars parent company News Corporation. USIBC members include the likes of Discovery, News Corp/Star, DowJones and Sony.
While discussing a possibility of offering incentives to promote
digitalisation, including pricing and fiscal incentives in the form of import duty and service tax sops, both the organizations have also strongly rooted for raising of foreign investment cap from 49 per cent to facilitate easy inflow of investment for digitalisation.
Pointing out that it recognizes that the current limit on direct foreign investment of 49 per cent for cable networks was set without any awareness of digitalizatios, MPA has submitted, This limit should be reviewed to take account of the huge investment needed to make the transition.
USIBS is more direct when it exhorts the Indian government, through Trai, to introduce 74 per cent foreign equity in digital cable networks.
As the Internet,telecommunications and broadcast media converge, equity caps for each service should be equal.A jump to 100 per cent may not be feasible in the near term, but a goal of 74 per cent to bring digital cable service in line with telecom is quite appropriate. High foreign equity caps allow smaller Indian cable service providers to access capital necessary to offer new services and expand market share, as we have seen in the telecom sector,it has said in its submissions.
Interestingly, both the organizations have supported implementation of conditional access system as a technological measure that, if properly used, can enable a healthy digital transition. MPA feels it is necessary for all cable operators to be capable of delivering encrypted signals, that is CAS-capable.
Other issues like a licensing framework for digital cable TV networks, a flexible time-frame for transition from analog to digital transmission and a uniform pricing regime for digital networks have been highlighted too by MPA and the USIBC, both which have heaped praises on Trai for considering these difficult issues related to digitalisation.
However, the tone is firm.MPA firmly believes that a light regulatory environment, coupled with a deep respect for copyright is the key to nurturing a successful television sector,the studio organization has submitted.
Globally, while some developed markets like the US and the UK are still grappling with migration to a digital era, amongst the developing nations, only India is attempting to chart a path towards digitalization of TV and cable services.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
